Dec 26, 20 sat sets aside sebi order barring polaris arun jain from market sat has set aside a sebi order that had barred polaris software labs cmd arun jain from securities market for two years on charges of insider trading. View arun jains profile on linkedin, the worlds largest professional community. With a rich suite of products across the organisation, we are an authority on vertical and integrated products that enable institutions to meet their ambition to be the principal service provider to their customers. The indian government has put strong diplomatic pressure on indonesia to release the head of a leading indian software company. It offers human capital management software, payroll software. Sebi penalizes polaris arun jain for insider trading. How arun jain built his fortune with polaris business. Polaris software lab is a computer software company that provides solutions for the banking, financial, and insurance sectors. Q3 results arun jain and arup gupta on cnbc part 2. Sebi fines polaris promoter arun jain in insider trading. Founder july 25, 1993 to present chennai, tamil nadu.
Arun jain, founder of polaris group and chairman and managing director of. Tech majors race to acquire controlling stake in polaris. The securities and exchange board of india has banned polaris software lab ltd s promoter arun jain from dealing in the securities market for two years accusing him of violating insider trading norms. Banking, finance and insurance technology major, polaris software lab limited mumbai. Polaris chief detained by indonesian cops shobha warrier in chennai december 17, 2002 12. Ceo of indias polaris software is arrested by indonesian police. Mr arun jain, chairman and managing director, and founder of the chennai based polaris software lab ltd, has set a precedent for other. Arun jain hereinafter referred to as the noticee in the shares of ms. Arun jain, 40, is a first generation entrepreneur, who promoted nucleus software group with a few friends in 1986. It firm polaris ft today said it is focused on accelerating growth across its products and. Mar 12, 2018 polaris software enters cloud computing pti mumbai updated on march 12, 2018 published on april 27, 2011 mr arun jain, chairman and ceo, polaris software lab ltd. Jain and malhotra were released by the police after major diplomatic intervention by indian government. The smart ceo inspiring india october 2014 full story.
Sebi fines polaris promoter arun jain in insider trading case. But the journey to get there was one of deep thought backed by thorough execution. Counsel for both the parties state that in view of peculiar facts of present case. Polaris software enters cloud computing the hindu businessline.
Sat sets aside sebi order barring polaris arun jain from. It was in november 1997 that polaris first went in for a private placement when it placed 18 per cent of its stake with citicorp. Vision, perseverance, and empowering these are the three most important words for wannabe entrepreneurs, according to arun jain, chairman and ceo of polaris financial technology ltd. About us intellect design, about intellect, banking products. Arun jain, promoter of chennaibased polaris software lab now polaris software consulting, has clarified that the ex parte interim order by sebi on november 24 against him was a matter pertaining t. Polaris arun jain banned by sebi for 2 years on insider. Polaris software, based in the southern city of madras, said chairman and chief executive arun jain was detained last friday after a. The appeal was filed by jain against the securities and exchange board of india order passed on october 9 last year. Chennai, tamil nadu, india industries information services, information technology, software headquarters regions asiapacific apac founded date 1993 founders arun jain operating status active number of employees. Sebi tuesday barred polaris software labss cmd arun jain from securities market for a period of two years for alleged insider trading in the companys shares. In december 2002, the founder and ceo of midtier software company polaris then polaris software labs, and now polaris financial technologies. Polaris software, which was started with an initial capital of rs 10,000, became jains exclusive preserve. In 1993, he founded polaris software lab, which recorded a cagr of over.
The article published on smart ceo dives deep into the mind of arun jain, his story and vision for. Bbc news business india seeks to free software boss. Three words for entrepreneurs arun jain, chairman and ceo. Sebi bans polaris promoter arun jain from the market for 2. See the complete profile on linkedin and discover aruns connections and jobs at similar companies. By 2000, he wanted the company to reach a turnover of rs 100 crore and expand its ambit to include software projects for banking, financial services and insurance. Mr arun jain got into the software business in 1986 when he set up nucleus software.
View arun jains professional profile on relationship science, the database of decision makers. Arun jain founder and chairman at polaris consulting and. The design thinking workshop by intellects arun jain. Dec 20, 2002 arun jain and rajiv malhotra, senior vicepresident of polaris were arrested by the indonesian police on december in jakarta over a commercial dispute between the chennaibased software company. Sebi had charged him with trading in the stock on the basis of. Sebi conducted investigation into the dealing in the scrip of polaris software lab. Ibm signs deal with polaris ft for social software solutions. How arun jain built his fortune with polaris business standard news. The article published on smart ceo dives deep into the mind of arun jain, his story and vision for polaris. Arun jain intellect chairman, retail banking systems, central. After a decade 3 even after starting polaris of astute leadership with nucleus software, jain parted ways and moved to chennai to follow his instincts to start polaris software labs later renamed as polaris financial technology ltd.
About us intellect design arena creates financial technologies that help banks lead businesses on the path to growth and success. In october 2012, market regulator sebi barred polaris software labss cmd arun jain from securities market for a period of two years for insider trading in the companys shares. He is the chairman and managing director of intellect design arena limited, an it software products company in. He is the chairman and managing director of intellect design arena limited, an it software products company in the banking, financial services and insurance space which is listed in the national stock exchange as intellect. The polaris orbitech mergerfinancecase studycase studies.
In 1993, he founded polaris software lab, which recorded a cagr of over 100 per cent during the seven years period 1993 to 2000, after using. Intellect is a specialist in applying true digital technologies, the worlds first full spectrum banking and insurance technology products company, across consumer banking, central banking, transaction banking, risk, treasury and markets and insurance. Polaris arun jain heads back home the financial express. After all, he had built polariss software services business painstakingly for more than 20 years from scratch to rs. Polaris chief arun jain barred from market for 2 years the hindu. Nov 27, 2015 arun jain was the chairman and managing director of erstwhile polaris software lab. See the complete profile on linkedin and discover aruns connections and. Why did arun jain sell polaris consulting and services.
The merged entity had a 12member board seven directors from polaris, three from citigroup and two independent directors proposed by jain. Arun jain born 30 december 1959 is a chennaibased indian industrialist, investor and philanthropist. Arun jain, executive chairman of polaris financial technology, says he enjoys being the david that takes on many a goliath, including ibm, in the financial technology solutions business. In 1993 he started polaris software lab which has today grown into a rs600mn company. Jakarta releases polaris cmd arun jain times of india.
Polaris software lab has announced its fourth quarter results. It is a moment of pride for me as we are launching the ft grid which we dreamt of in 2003, polaris software lab chairman and ceo arun jain told reporters after formally unveiling the service. Arun jain and a few other shareholders of polaris consulting and services ltd pcsl on thursday entered into a share purchase agreement by which they will sell the 53 percent stake they hold in. Intellect is a specialist in applying true digital technologies, offering the worlds first full spectrum of banking and insurance technology products, across consumer banking, central banking, transaction banking, risk, treasury and markets and insurance. Join facebook to connect with arun jain and others you may know. Will business restructuring fuel polaris financial. Sebi has prohibited arun jain, chairman and managing director, polaris software lab, from transacting in securities for two years. Sebi had charged him with trading in the stock on the basis of unpublished price sensitive information relating to a proposed acquisition by the firm. The design thinking workshop by intellects arun jain smartceo. Nov 27, 2015 market regulator sebi on thursday slapped a fine of rs,1. View the profiles of professionals named arun jain on linkedin. Hon peter hain mp, secretary of state for northern ireland, and mr. Arun jain is the founder of polaris group and chairman and managing director of intellect design arena limited.
Sebi orders seizing of rs 2 crore gains in polaris insider. After selling polaris to virtusa, arun jain will focus on intellect design, play the role of mentor and angel investor, and pursue his interests in. Read more about sebi bars polaris arun jain from securities mkt for 2 years on business standard. During this journey, we crossed 4 stages of growth starting from making company a viable global entity and getting it publicly listed in 1999. Polaris cmd arun jain not to draw salary the hindu businessline. See the complete profile on linkedin and discover aruns connections. Arun jain was the chairman and managing director of erstwhile polaris software lab. This was also when he started to look beyond his relationship with citibank. Sebi bars polaris softwares arun jain indian express. Ceo of indias polaris software is detained by indonesian. Market regulator sebi today barred polaris software labss cmd arun jain from securities market for a period of two years for alleged insider trading in the companys shares. Regulator sebi has banned polaris cmd arun jain from transacting in the stock market for a period of 2 years on charges of insider trading a case involving 15,080 shares of polaris relating to the failed deal polaris pursued 12 years back with a new jersey based it companydata inc. The securities and exchange board of india has banned polaris software lab ltds promoter arun jain from dealing in the securities market for two years accusing him of violating insider trading norms. The new belfast center, based at the northern ireland science park in titanic quarter, will be developed in three phases.
Polaris software enters cloud computing pti mumbai updated on march 12, 2018 published on april 27, 2011 mr arun jain, chairman and ceo, polaris software lab ltd. Oct 10, 2012 the rajaratnam bug has hit the indian shores. Mar 03, 2016 market regulator sebi today barred polaris software labss cmd arun jain from securities market for a period of two years for alleged insider trading in the companys shares. The investigation revealed that the noticee, being the chairman and managing director of the company, had dealt in the shares of the company on. Polaris software, based in the southern city of madras, said chairman and chief executive arun jain was detained last friday after a complaint by a client, indonesias bank artha graha. He was also the founder, chairman and ceo of polaris consulting and services ltd. Market regulator sebi on thursday slapped a fine of rs,1.
Over the last 20 years, the organisation specialises in developing solutions for financial services using technology. Arun jain and rajiv malhotra, senior vicepresident of polaris were arrested by the indonesian police on december in jakarta over a commercial dispute between the chennaibased software company. Arun jain intellect chairman, retail banking systems. Bombay indian software company polaris software laboratories ltd. Sebi bars polaris arun jain from securities mkt for 2 years. Securities appellate tribunal has set aside a sebi order that had barred polaris software labs cmd arun jain from the securities market for two years on charges of insider trading. Nov 20, 2015 how arun jain built his fortune with polaris. Intellect design arena limited is a global leader in financial technology for banking, insurance and other financial services. Ceo of indias polaris software is arrested by indonesian. After 12 days of detention in indonesia, polaris software labs ltd polaris chief executive officer arun jain and senior vicepresident rajiv malhotra are expected to return to india on tuesday. Polaris software, which was started with an initial capital of rs 10,000, became jain s exclusive preserve. Sebi bars polaris arun jain from securities mkt for 2.